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're looking at relatively flattish trade here in europe on christmas eve. let's recap off of what we've seen in asia in the overnight session here. you're looking at slight gains across the board. the shanghai composite up by .25%. you're seeing similar gains in the s&p asx and the hang seng, the kospi both a couple of points up to the upside, as well. currency markets, pretty stable trade, too. we're seeing slightly lower volumes to say the least as you would anticipate here during the holiday days. we are, though, flirt, a recent high is 1.32. a couple of sessions ago, we were down at the 1.29 mark. aussie/dollar flat. sterling seeing slight gains. just to wrap things up showing you what's taking place in fixed income, relatively flattish trade, as well. the yield here on the spanish yield, 5.3%. the uk seeing yeldz slightly higher, as well. but, of course, it is christmas. it is the holiday season that we're up against. so you would anticipate that maybe some investor res closing out recent profits. sitting tight and waiting for that next year to start, karen. >> thanks very much, louisa.
weighing on investor sentiment today. in europe, it was the last trading day of the year, and what a year it has been. our correspondent has kept an eye on the trading floor all year for us. he sent us this report from the floor of the frankfurt stock exchange. >> the year has ended a very successful 2012, also for the frankfurt exchange, which is why you see tables and chairs where there usually are not. there will be a celebration here shortly, and there is something to celebrate -- the dax performed to the tune of about 30%-plus this year, and many shares went up. only a few lag behind. the best shares almost doubled in value. when you look at the second tier, there were some that more than doubled in value. demand mostly responsible for that, according to -- the man most responsible for that according to everyone here is mario draghi. he promised the european central bank would do everything in its power to preserve the euro, and that really release energy and restored some confidence also for the bureau. in 2013, people see more share market. the dax could reach a new record highs. p
20 years. so look, and a lot of this is down to problems, i guess, in europe, right? what is the outlook with what happens with global growth and what is happening? >> unsurprisingly, the volume of growth of trade are strongly correlated to the volume of growth. so growth slows down. trade slows down with a sort of multiple. that's the main reason. there may be other marginal reasons like, for instance, difficulties in trade finance. which is a sort of the aftermath of the financial crisis. but the reality is that the main export market of the senate, which is europe, is not doing well. the second export market is not doing that well. not to talk about japan. so this has a slowdown effect which reverb rates on the growth of emerging countries. >> and i know when you see what's happening in italy, will this, the political developments in italy that cause more instability and less reform there, are you concerned that will have a further destabilization impact? >> no. i mean, i think it comes at a time where we are starting to see an exit, a crisis exist by europe. whether th
ago here as opposed to the countries of western europe, we were the most egalitarian of countries. now we are the least. we have outstripped everybody else because our capitalism has been a relatively robust. when capitalism can do it's thing, it polarizes. when it polarizes it creates an awareness that is probably also occur to you. if a growing number of people i'm having a hard time and a shrinking number of people are collecting enormous wealth, it will occur to the two of them that this is happening. and in the one group there may develop their resentment against the of a group. and if you have a system like capitalism coexisting cannot that you have to, but if you have a system of capitalism coexisting with the democratic society in which everybody has the throne and the following in sight is going to occur to a lot of people. we, the majority, are really getting screwed in the economy. the way to fix it to reverse it, to offset is to use the political system to get the result. in the political system weekend rearranged so that what we lost in the economics as it became more and
, but a change. you were bullish in the u.s. saying i'm going to europe and other areas. why? >> well, maybe it's controversial when you look at the headlines in europe and asia and elsewhere in the world, but our thesis is predicated primarily on what we call price matters, which is essentially evaluations so when you look at the u.s. markets, and in our opinion, u.s. markets are still relatively attractively valued because they are, on our models, 20% below long term return trend sot force of reversion works in your favor, but if you look at efa, it's further below the long term trend, 35%-40% below the long term trend, and history coral lates to strong adjusted returns over the next decade. you know, that's the long term view op places like europe and asia. the shorter term view is that our tool set for tactical moves is don't fight the fed or the trend, be aware of the crowded extremes, and like in the u.s. where the fed is on a risk market side, that's true in the ecb, a huge change. the change in the ecb leadership and the embracing of american style qe is a big reason why we went from st
on the fiscal cliff. equities falling on wednesday in the u.s. on thursday when we opened here in europe, yesterday we saw a relatively stable markets. we closed out on a flat to slightly higher note for most of our european markets yesterday. this morning coming into trade, we're pretty flat. we've taken a bit of a dropdown on this drop but we're just a couple of points lower. in the asian session overnight, we managed to see gains back again. they lost again on the notion of the fiscal cliff not happening. shanghai composite higher by just over 1% in today's session. hang seng, and the kospi closing slightly higher across the board. the european markets mixed, but the ftse 100 still flat to higher. we're all looking towards these fiscal cliff negotiations. at the moment, we've got a couple more days of trade before we get to the end of the new year, as well. most analysts out there, they've been saying we're going to see a relatively flattish end to the year from where we are now given that we've seen such an increase of equities in the past 12 months. we've seen stellar outperformance
of eastern europe now has flat tax is. in all these countries, revenues have boomed. there hasn't been a big craze this is anime and estonia. this in a past and estonia with 12% flat tax. the fact is supply-side economics is booming around the world. it's only in the united states that soul-searching and from this economics of enterprise. >> what is your analysis of what is happening in what donald rumsfeld recalled old europe? >> old europe is fallen with the indulgent dilutions of the welfare state. they've all accepted dependence on a show i've government and bass have destroyed the value of their assets. when you destroy the value of your assets, ultimately the human beings who make your economy go our investments and creations of work after. when you'd appreciate this asset, reliability is become impossible. if you unleashed the assets of your economy, allows the stock market to boom and thread began, then all of a sudden these liabilities they seem impossible today become manageable in the future. >> george gilder, when you see the fight in congress over the debt ceiling or tax breaks
and spain. >> how different is it outside of europe in the wider arab world, the middle east? >> they are more accepted outside of europe because europe is a shocking and islamic bloc because there's a need to find a european identity, especially now in the crisis. >> where do you see this going? do you see the creation of a broader european islamic bloc? >> islam house oe been adapted to its cultural surroundings and we can see european islam coming up in a lot of centers in europe. >> his specialist in the dialogue between the islamic world and the west, thank you. onto soccer now. dortmund with another victory under their belts helping the reigning champions close in on the league leaders. their season has been punctuated by ups and downs, but on sunday and, they notched up another important victory in their title defense. >> warring on from the touch line, the caretaker urging his to stay compact. breached by mario. still, he did not play. fearing relegation. moments later, sven scoring a deserved equalizer. in the second half, again with the breakthrough gift. and the ea
in seven months. although shanghai again trades lower even europe's pmi improves a touch in november. first up, we're one month away from the fiscal cliff and so far the white house and congressional republicans are still in disagreement over how to reduce the deficit and avoid a raft of tax hikes and spending cuts. yesterday our own jim cramer and maria bartiromo were on "meet the press" and cramer had a message for fellow panelists and father of the anti-tax pledge, grover norquist. >> most ceos are republican. they're on board. they're not on board with you. they're not on board with you because they fear your view. they think you do not favor going -- you favor going over the cliff. that's what they think. they think that you favor -- >> just for the record since we're on tv. that's silly if they think that they shouldn't be ceos. >> it doesn't really matter. that's what they think. >> i want you to walk me up to that moment. >> behind the record. i like that too. >> i'm stuck. like grover is stuck with this pledge he made everybody take which is that they have to go over the cliff beca
's what is scary. the backdrop of the presidential year was europe. we know where this path leads. all this turmoil, the huge welfare and the low productivity and high unemployment that comes along with them, that was the backdrop of the presidential campaign. voters voted, and they said, yes, we are going to keep moving in that direction, kim. where do you think the electorat is here? is it be ibd hue the choices that -- is it behind the choices that jason suggested they might be? >> barack obamaus won this election by very effectively making this a referendum about his opponent, mitt romney. if you went out and asked most americans, do you think barack obama did a great job in his first term? do you want significantly higher taxes? do you want the government to do nothing about spending? are you happy with obama care? most would say no. but in the end the choice was between a president who said things aren't great, but i'm going to still try to make them better, and a guy who he painted as not having a plan and not identifying with the average wants and needs of most middle class ame
turn away from democracy as eastern europe did 50 years ago? i talked to pulitzer prize winning historian anne happalbaum. >>> the administration had a choice save chrysler by injecting taxpayer dollars or let it fail and let it lose perhaps a million jobs. car czar steve ratner gives us a fascinating inside look. for viewers in the united states, we have a special tonight at 8:00 and 11:00 p.m. eastern and pacific called "tough decisions." >>> but, first, here's my take. announcing that he would send proposals on reducing gun violence in america to congress, president obama this week mentioned a number of sensible gun control measures. but he also paid homage to the conventional washington wisdom from mental health issues to school safety. his spokesman jay carney said earlier this is a complex problem that will require complex solution. gun control carney from the only answer. let me respectfully disagree. the problem is not complex and the solution is blindingly obvious. there are three sets of causes that people point to when talking about events like the one in newtown. fir
for the economy. and the transaction tax is being taken very seriously in europe and probably will happen there, even though the u.k. is kicking and screaming because they specialize in being the home of trading, whether trading in stocks or derivatives or anything else. they simply do not want that to be taxed. there are people in congress. i think wall street is now the number-one contributor to political campaigns. at least, it is in the running for number-one. i have been to washington many times and i'm involved with several groups that are trying to reform the business sector so that it can work, so that it can survive. it is very difficult because of the sheer amount of money that the finance sector in particular is pouring into lobbying and campaign contributions. it is very difficult. >> let's give a round of applause for lin. -- lynn. [applause] there is an opportunity for you to purchase and have the but signed. if you have court-further questions, she will be here signing books. thank you all and have a safe trip home. [captioning performed by national captioning institute] [caption
that they're seeing in europe enough to keep them above the pencil line. >> what we've seen so far with today's numbers is exports are declining very sharp. they'll need asia and the u.s. to offset some of that demand weakness, but again, the biggest market for most is the euro zone. if the eurozone is performing badly, that will have a thok-on effect for those countries. >> there's a number of strategists saying after the u.s. has sort of led equities for most of the year, they're now saying europe is the place to be. from i think really the question you have to ask yourself is when cash, equities, credit, government bonds, where do you want to be. and equity in my mind mind is absolutely not. you need good growth numbers to justify the equity markets going up. now, i think there's a lot of investors looking at the yields on ghoechlt bonds or credits and that's motivating them to move into equity. i think the numbers are actually going to be relatively small. and i would certainly advocate against doing that because as you were saying, weak numbers, unless you see some much strong
previously thought, although the session still looks very much on course for another quarter here for europe. the pmi will rise above 50 that divides growth between contraction. hasn't stopped the euro/dollar from hitting a one and a half month high. i suppose we know growth is going to be anemic, but if spanish banks are getting some money, are we feeling slightly better? >> that's what euro trades on, isn't it? pmis are all very interesting for the economist. but they want bigger stories. most of the news flow, it's helpful to the euro. people have been trying to affect this rally for a while. we are close to those october highs. the news flow has been good, i would say. >> we hit, what, nearly 131.80? >> before that, we go 131.40. the enthusiasm for euro is surprisingly good. we're surprised by how far this rally has gone on pretty thin news sometimes. >> i just want to recap what we've got. eurozone finance ministers meeting in brussels. an agreement still seems pretty elusive at this moment. germany and french finance ministers have very different views about oversight of banks. and in
next month. tech stocks fall in europe after ericsson unveils a swedish crown writout related to its loss chip venture. >>> reports say the intercontinental call is in talks to buy euro next. >>> and vows to continue the current government's battle against japanese territorial claims. >>> japan's central bank has decided to extend its asset purchase program to $120 billion. it will review the bank's stance on price stability next month. abe has been putting pressure on the boj to raise its inflation target to 2% as part of efforts to fight deflation. for more on the fallout or the impact here, let's talk to luca from asia pacific. you look like you're in mourning here, but it sounds like the bank of japan has delivered pretty much what the market was looking for the. >> yes. it was delivered in order to be seen as losing independence after the campaign, very aggressive campaign from the ldp party on the bank of japan independence. actually, what -- the only policy they didn't really try, according to ldp, was being extremely aggressive, not as -- or much more aggressive than what the
. the intermediate nuclear forces treaty, or inf, led to the destruction of thousands of europe-based nuclear missiles on both sides. speakers here will include former assistant secretary of state richard burt, former u.s. ambassador to the soviet union, jack matlock, and will also there from former assistant secretary of state rozanne ridgway. the american foreign service association posted this hour and 20 minute event. >> i would like to wish all other good morning. one. i'm susan johnson, the president and i would like to extend a very warm welcome to you all. and thank you for coming to this important and special panel discussion. and also celebration of the 25th anniversary of the signing of the historic treaty. special thanks of course go to our panelists and our moderator, ambassadors matlock, ridgeway and bert, for sharing their experiences and reflections surrounded the complex negotiations that led to this treaty which was a significant factor in reducing dangers of the cold war. i'm sure you know all of these three imminent folks but i would just like to say a quick word. about th
. europe has also been a blend of red and green as the ft names ecb chief the person of the year. we're going to kick off with breaking news. for that would, we go to david faber. >> news on best buy, in the news yesterday. the stock up sharply. what we can tell you right now is the board of directors of best buy, and its founder, richard schultz, has been trying to put together a group to essentially buy the company in a go private transaction, have extended the deadline in which he would need to come with a bid for best buy and created a window in fact that will begin on february 1st next year and end with the end of that month on february the 28th. giving schultz the opportunity to look at not just christmas sales, but the end of their fiscal year, which will end at best buy on the 31st of january. and that window, again, will be 28 days long giving him an opportunity to continue to try to cobble together a bid with private equity firms and those who might finance a potential bid for the company at whatever price that might come at, if it were in fact to come at all. no word in te
, more green than red on the board today. by three to two, gainers outpacing losers. now, europe was closed yesterday. there was trading in the u.s. it was a weaker session. that move did extend to some parts of asia overnight. interestingly enough, the shanghai composite down .6%. the hang seng was higher on the day. the nikkei adding .9%. the kospi was up even though south korea growth projections were lowered. european markets as we look across the major bourses give you a sense of the action we're seeing in the xetra dax which is about to have its best year in seven years, something like that. the ibex 35 is rallying as we get a further sense of how little value bon can i a has. the ftse mib is moving higher, too, adding about .1%. take a quick look at the bond space, the yield for spain and italy is moving higher today. but roughly as relevance we've seen predominating over the last couple of weeks. that is around 5.3% for spain. 4.5% for italy. we did see guilds moving about 3% level. now back below 1.9%. stick around because straight ahead, we get a view from one economist
in yesterday's rally. we didn't get housing starts, that's earlier today. as for the picture in europe, really the stand outout here is the euro. greece getting a five notch upgrade at the s&p. our road map this morning starts with gm. government motors no more. the treasury to exit its stake in the next 12 to 18 months, purchasing 2 million shares by the end of this month. >> another challenging quarter for fedex with the blame squarely on sandy. but the stock is up pre-market. >> oracle posts a strong quarter with even stronger guidance. the season rebound in europe. no impact from the fiscal cliff. >> and ge gets boosted from ubs's key call list on the weaker than expected macro environment. still on the list is including -- well tell you in a couple of minutes. >> general motors is up sharply in the pre-market session. the treasury department says it intends to sell the rest of its stakes in gm in the next 12 to 15 months. the automaker will buy back 200 million shares from treasury for $27.50 a share. treasury says it plans to sell its other remaining shares through various means in an or
a soft landing. then what about europe? i've seen some people touting europe. if you look at the financial fear indicators in europe, that crisis is basically over. >> well, yes, it is. i don't know if you can capture in the frame on the camera. what i'm doing here, i'm patting myself on the back. who is it who's been telling your viewers for two years every time there's one of these trumped-up crises in europe to buy it. now there's been a solution. europe has been stabilized. it's actually the brightest place for investors on the planet. i'm sorry you missed the bottom but it's not too late. you look at after hearing that segment on the u.s. government making the decision to debase paper coins by turning them into -- paper money by turning them into junk disposable paper coins? well what would you rather own? the ten-year american bond, treasury bond yielding what, 1.6%? or would you rather have a spanish bond denominated in the strongest currency in the world, the euro, paying 5.5%? i'll take spain over the united states at this point any day. >> all right. >> so don't
hikes, europe's grand experiment with taxing the rich more is falling apart, especially in france and britain. and here at home, california and new york are passing through the 50% tax rate barrier. is anybody looking at how tax hikes fail the test of economic growth? >>> back here in the u.s., could it be michigan which used to call itself the worker's paradise union state is now moving towards new anti-union right-to-work legislation and it looks like it's going to pass? but first up, budget talks resume between speaker john boehner and president obama today. with just 25 days to go, let's keep tabs on where we stand. reports of a conservative backlash against speaker boehner simply not true. he has the solid support of his leadership and the rank and file. but there is concern among some in the gop that they are at risk of becoming the party for rich people while president obama and democrats stake their claim on the middle class. and my tax rate flexibility with higher -- here's what the president said earlier today. >> i'm not going to sign any package that somehow prevent pr
of this you focus on what happens internationally and china continues to recover. europe looks like it's stabilizing and we didn't change our strategy based on the news, just a little bit more of what you're doing. >> randy, anything change for you? >> no, not really. what we're watching is the parallels that occur now, where we stood with the fiscal cliff and where we stood in 1999 with the y2k situation. we borrowed a lot of growth in 1999 from 2000, and that led us to a recession. we're looking at the same thing now. we're seeing people have accelerated dividends, pre-payments, seeing a lot of companies that single proprietors are paying themselves this year in anticipation of higher rates. >> it's interesting that you point that out. it could be argued at the same time that we're delaying growth until next year because of the number of companies that have delayed hiring or capital expenditures because of the uncertainty about the fiscal cliff. >> yeah. well, uncertainty, unfortunately, is perhaps going to continue with this because the regulations are not going to go away there. ma
. if the u.s. economy has two% less growth, it will probably be a 1% less growth in mexico, canada, in europe, and japan. there will be ripple effects. >> are you worried about this? >> yes. of course i worry about it. the u.s. is a big chunk of the global economy. it has often been a driver of growth. to have that large player virtually shut in a recession would be bad news for the rest of the world. we do not think that's at the moment. we do not want to have this effect on a french our recovery. >> what would your message be to members of both parties on capitol hill and to the white house? >> i would say focus on the real issues. the real issues are the united states and its leadership role in the world. the u.s. has an economic leadership in the world. to protect that and make sure that that leadership in tourist, the uncertainty has to be removed. if you are speaking from a strong position because you have dealt with your own issues, then you can advise, help, and encourage. but if you speak from a week position, it is more difficult. >> you have warned about the risks of playing politi
on that project, the making of a global capitalism and then even as it helps europe and japan revive, the question is, how does is keep reducing? because now you're creating your own competitors. >> at one point in your book to speak but the american empire, actually dramatic appoints. tucker added as imperialism by invitation. you want to talk to the lead of such a mean by that. >> it's actually a phrase that a sweet story and used for 1945. but it is largely not -- it's a matter of saying that the pentagon in the cna have, in fact, not been essential to the role the american state has played in the world as the treasury and the federal reserve have been. and that term empire which was coined for the way in which decapolis class of europe after 1945 facing strongly and much more concerning labour movements , the socialist threat that they posed, and they were concerned about a soviet invasion. turn to the american state to look to the american state to reconstruct a capitalistic. and in that sense it was empire building. when multinational corporations, the conditions by the late 1950's were foun
're cleaner than europe is right now. >> right. >> so we haven't felt it. my main worry is the following, that if the republicans and democrats can't get together to solve the fiscal cliff you will need an external force, a major market sell-off, you will need a major economic trauma to get them to poex. >> other things have been on the table. i want to talk to our viewers about a few of those as soon as we come back. coming up next, republicans want a new formula for inflation. it's called chained cpi. not a bad idea overall but it could slow the payments to social security recipients. the president has said he could agree to it but democrat lawmakers say no way. [ male announcer ] it's simple physics... a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can actually ease arthritis symptoms. but if you have arthritis, staying active can be difficult. prescription celebrex can help relieve arthritis pain so your body can stay in motion. because just one 200mg celebrex a day can provide 24 hour relief for many with arthritis pain and inf
of markets look a little bit like this. here is europe to begin with. only a few markets are open there today. among those closed include spain and germany. we're start with asia. shanghai composite is the outperformer. you saw up 1.6% there. here is a list of the markets closed across europe. germany, switzerland, germany and austria. for the bourses that are open, we can take a look at performance this morning and then we'll take a look over at the bond wall. the ftse 100 is down about .4%. ibex down .5%. not a clear picture. definitely mixed trade as people look to close out the year. the bond wall gives the sense for what kind of wall dominates. we're seeing bond yields move higher. investors are exiting the asset class today. italy around the 4.5% level. we've seen these predominant for several weeks and likely a quick check on forrus. the yen, an important one to keep an eye on, as well. dollar/yen firmer, continuing the patterns that we've seen over the last couple of trading sessions. for more on what to expect from markets today, we're joined by chris meyer, managing director and chi
morning. all right. coming up new at 10, germany's chancellor angela merkel says europe will have to work very hard to it maintain its current standard of living. at the top of the hour, find out what she's saying about welfare and here is another development from overseas. we brought you the story last week, french actor gerard depardu, he is leaving home, leaving france because of higher taxes and handed in his passport. now, the french prime minister has some choice words for mr. depardu. he's obviously in the happy with him and find out exactly what he said at ten o'clock eastern time this morning. time is money. 30 seconds, here is what else we've got for you, an in japan, again, a landslide win, so, what's the new prime minister going to do about the world's worst debt problem? print more money and stimulate more, too. build more infrastructure. will that work? we have our own resident japan expert. question, is jeff immelt's cozy relationship with the president costing general electric shareholders money? we will be discussing it. and i lost on friday when i questioned "the washing
desperate for the united states to open a second front in western europe and the british, and roosevelt asked stotland to send the top general to washington in nabf 42 and in june of 40 to the issue a public statement saying we are going to open up the second front before the end of the war before the end of the year in 1942. we promised that publicly. and yet the open up in june of 44. that's partly because the british refused to go along with this and that the british get involved in the periphery in northern africa. they are serious but they didn't open up the second front with the united states brought instead basically to defend the provision higher. >> how does this link to the cold war? >> there's been to the mistrust between the soviets beginning during the war treatise of the seeds of the cold war are visible during the war. there are certain tensions of course because the fact that they delayed the second front know that the soviets had on their own largely defeated the germans after stalin and rather what pushing it across central europe and eastern europe moving towards berl
will benefit and have a positive economic gai if we export lng offshore to europe, and or asia and to other countries that need our gas. melissa: we have so much natural gas unlocked as a result of fracking, the problem is, intellectually, emotionally we can never wrap our heads on exporting energy. we're sure we have to keep it all for fraaking,ç problem isç intellectually wrap our heads aroundzv exporting energy. weypúre sure to keep itç all for ourselves.ç do you think the president andç washington in general cansget over that hurdle.ç >> it is a great pointç, what you're describeç something protectionism.zvçmyv it could be a cake and eat it too scenario. within eight years or now seven years as we turn into the new 2013 year it could be $50 billion economic impact to this country. so we're tripping over dollars to try to save pennies. weemight be able to impact the ecomy here. melissa: i know but, you know, there is so much of the country, there are so many environmentalists so many people on the left who hate generating energy. they barely wt us t generate enough en
. >>> and corporate news weighs on sentiment across europe. kpn shares fall after dividend and greco stocks plunges as analysts cut their outlook for the uk power group. >> okay. welcome. it's the start of a brand new week here on "worldwide exchange." and don't adjust your set, kelly and i are together. >> for once, for a day. >> but make the most of it because it won't be lasting. >> if only there were a slo-mo. >> i'm going to enjoy as much as i can of today. >> and likewise. and then we're going to have to get all of our u.s. voouers to find cnbc world because they could get three hours of you, carol and carolin for the rest of the week. >> whatever they can do. record it and fast forward to the good bits. >> yeah. >> it will be 2:00, 3:00 in the morning or whatever. >>> on today's show, plenty to come on. >> yes. the south american union faces ejection from the imf for allegedly cooking its books about the innation rate. we'll head out to europe where the swiss banking giants could be facing $1.6 billion over libor rate rigging allegations. >> and we'll be on the floor in beijing where china's
normally on boosting growth. >>> well, it's been a rel ofly good year for stocks in europe. adding about .3%. advancers mostly outpacing decliners on the index this morning. if we can zero in on the bourses, it's largely green behind me. the fits fits mib is atting .6%. the ibex in spain, up 0.8%. and the ftse up about 0.3%. now, some company-specific news this morning, fin mechanica saying shares up 2.4%. this on news they're set to buy sge-avio. safran is also a company considering that change. let's take a quick look at the bond space. we'll get a sense of the kind of trade we're seeing shaping up. it is consistent with flows into the periphery, perhaps out of the core and the risk on move generally that we're seeing this morning. yields up to 4.5 roughly in italy at about 5.4%, respectively. gilt is moving up towards is.9% this morning. the bund yield is still extremely low, so that spread between gilt and bund is widening. look at the euro/dollar. 1 1.3171. extraordinary. we're almost up at that 1.32 level. the dollar/yen is flat, right about 83.88. there we go. a little bit of movemen
without $1 trillion in stimulus. in europe the stimulus stopped working in 2012. in 2013 the stimulus is just not going to make an impact. these more wealthy people that will be spending will be hit by more taxes and they will slow down and i think that you're going to see the economy be much worse in 2013, but, you know, we may get more stimulus first in china and europe so i think it's going to be see-saw first half of 2013 and then i think the markets will head down seriously in the second half of 2013. >> but, again, to his point, the wealthy includes savers, both corporate and individuals, grandma and grand past the fed is killing them. >> killing them. >> so if we don't reball the equation, i don't think we'll make any progress. >> very, very important insights. gentlemen, appreciate it. >> happy new year. >> let's hope it's a happy one, guys. thank you. >>> meanwhile, dallas federal reserve president richard fisher saying congress should borrow a book from its playbook to strike a deal on the fiscal cliff. >> we get things done. we make a decision, and we proceed. >> we'll disc
, but we are cleaner than europe is right now. so we haven't felt it. my main worry is the following. if the republicans and the democrats can't get together to solve the fiscal cliff, then you will need an external force, you will need major market selloff. you will need a major economic trauma to get them to focus. >> there are other things that have been on the table. i want to talk about a few of those, as soon as we come back. coming up, the republicans want a new formula for inflation, it's called chained cpi, it could slow the growth in payments to social security recipients, that's got some people mad. the president has said he could agree do it, but democratic lawmakers say no way. [ bells dinging ] ♪ hark how the bells, sweet silver bells ♪ ♪ all seem to say throw care away ♪ ♪ from everywhere, filling the air ♪ [ female announcer ] chex party mix. easy 15-minute homemade recipes you just pop in a microwave. like caramel chocolate drizzles. happier holidays. chex party mix. happier holidays. santho, ho, ho!anta! santa! want to see some magic? watch this! merry c
for the united states to open up a second front in western europe, and the british and roosevelt asked stalin to send molotov, a top general to washington in may i've '42, and june of '42 the united states said we are going to enup a second front before the end of the year in 1942. we promised that publicly and yet we don't open the second front until underof '44 and that's bass the british refused to go along with this and the united states and the british get involved in what marshall called periphery pecking in northern africa. marshall and eisenhower were serious. >> how did this lead to the cold war? >> because it led to a lot of mistrust between the united states and the soviets beginning -- the seeds of the colored war are visible during the war. and certain tension because the fact there was a second front, meant that the soviets had on their own to see that the german s -- were pushing across central europe and moving toward berlin, so we lost the military mission and on to diplomatic so there are doles being made between churchill and stalin of -- >> dividing up -- >> yeah, the brit
, probably less so in europe and japan. but there will be a ripple effects. >> are you worried about it? >> yes. of course i worry about it. the u.s. is a big chunk of the global economy. it has often been a driver of growth. and to have that player virtually flat, if not in recession, would be bad news for the rest of the world. we do not need that because recovery is fragile. we do not want to have this knock on affect on the fragile recovery. >> what would your message be to members of both parties on capitol hill as their negotiating? >> i would say focus on the real issue. the real issues for me are the supremacy of the united states and its leadership role in the world. the u.s. has an economic leadership in the world. it is a safe haven. to make sure -- the uncertainty has to be removed. if you have dealt with your own issues, and then you can help and advise, and then you can encourage. if you speak from a weak position, it is more difficult. >> you have warned about the risks of political games. what did you mean? >> please try to take a higher view and look at the broader hori
in europe and america. it is all about jobs. that is when it comes down to. these are countries who have lived with decades of authoritarian rule. in tunisia, 75% of its exports go through europe. there is also a physical problem. you need a leadership concentrating on the right issues. there is a criticism here. in tunis, the leaders are too bogged down in political battles. the role of religion in the street -- state. two years of feels like a long time if you are waiting for a job. >> a long time indeed. stay with us all of this week for special coverage of arab spring anniversary. we have a special section on our website looking at the political changes in the region. just go to bbc.com/arab uprisings. shattered and her broken, the two australian deejays to make a prank call to the hospital said they feel after the death of the nurse then spoke to. the two radio personality speak about what they say was a tragic turn of events that no one could have predicted. our royal correspondent has the latest. >> they have made the journey from the family home in bristol. floors have been place
data showing the private sector has expanded for the first time since april and signaling europe could avoid a recession in q4. >>> and japan's business sentiment sours in the fourth quarter. this reading comes two days before a nationwide vote that suggests it will hand the ldp position a landslide win. >>> we're going to give you all the latest results from the flash december data for the pmi for the eurozone that we're just getting out. the overall, the deposit is a touch stronger for the month of december. the details show the manufacturing weakened slightly and its services strengthened slightly. they are overall still in negative territory. and we're seeing the euro/dollar respond a little bit to the downside. down about 0.01% trying to fight back into flat on the day. 130.75 is the level there. again, the services pmi is at 47.8. compared with the 47 that was expected. it's a five-month high. the manufacturing pmi, 46.1. the manufacturing all told, 46.3. that's a bit under the poll of 46.6. with more on the reaction to these figures, we have rob doddson with us. rob, welcome. it
china and europe and japan are having major problems of their own. that could affect the way they do business with us. joining us is to talk about, ed, good to see you. biggest problem some of these governments to stimulate their economies, die let's just print a bunch of money. that has catastrophic events with them and even with the united states that may tried traded with them. >> that seems to be just to print money. that is not how it works. when somebody prints money, it's devalues their currency which makes anything they want to export or anything that they are importing more expensive. that is why your food is more expensive because we imported a lot of that. that is why energy is more expensive because we import a lot of that. if every country is doing that, its race to the bottom how quickly they can devalue their currency. >> we trade with so many different nations. we trade with europe and certainly with china. look at our trade imbalance and you can figure that out. europe has only a handful of countries that are doing decently? >> there is about six. they are in the nor
in vienna. it is europe's seconds oldest, founded in the early 18th century. keller is the youngest master painter but she has traveled to ishikawa preif he can hurricane is the home of kit tanny-style porcelain, to learn how it's painted. >> there are some differences and it's very interesting to learn and to see and to get more inspiration for working at home. >> reporter: keller's first stop is the workshop of the popular kit tanny ware pay thor busan fukushima. here she can take a close look at his elaborate brush work surrounding the ceramics. keller was surprised that even for fine lines, kit tanny artists use brushes, the austrians use a kind ofani arti use brushes, the austrians use a kind of metallic pen. >> reporter: next, keller was shown how to use pigment the kitani way. they use special pigments to make the five primary colors like red, blund yellow. for example, they mix the pigment with metal or glass. after firing, the color changes critically. this does not happen with austrian pigments. >> and what is this color? >> reporter: now keller gets down to work. after the basic
a tightrope between her german voters who do not favor bailing out europe and the european union. best politician, angela. you got it? you can write that down. pat, put it in your column. worst politician. >> susan rice. she was fed these phony talking points by the cia. she went on a defensive. and president obama left her, john, twisting slowly, slowly in the wind. she's gone. >> she'll still be our u.n. ambassador, though, pat. i give worst politician to mitt romney who never quite came across as human. and he lost. in part, because of his personality. >> she is going to stand you up, ambassador? >> yes. >> herm an cain again because a man who runs for the presidency who didn't think that his personal life would ultimately blow up presidency. >> does he have a job? >> he does. i don't know that he has -- >> he is a great -- he has a great future in talk-radio, i am sure. >> clarence, something for us? >> yes. worst politician, clint eastwood, although he is a good actor. >> this is very domestic. i will though it out on a larger scale for you. does that help you any, pat? worst p
, what has been going on in europe for a long time. dwindling religious interest. is that finally coming to the united states after 50 years of prediction? >> i think what is interesting to me this year is how much more visible secularism is. or nonreligion or unbelief. traditionally we think of churches and synagogues and mosques and we never think of this group of people, as kim said, have no interest in it. andit always seemed th they are a fairly small group, kind of on the edges. there is a study that came out this week that said unbelievers, and the religiously unaffiliated are the third largest group in the world. there are as many unaffiliated people in this world as there are catholics. it is a giant mental shift to realize the religious landscape we thought we knew is much different, i think. >> and i think your point is really interesting. we americans have resisted those trends that wesaw in europe over several generations. and i don't think we have a clear answer yet. are americans becoming more european secular in their approach to religion? but it is a first time you're se
was 'build the middle class.' i don't know if the next leader will make that his goal." and in europe, observers think the worst is over, but the first half of the year will be slow. "they're going to make progress, but not enough to change much. what they need is private equity, private investment." finally, investing in community or regional banks - an alternative that may surprise you. "you can invest in small banks and help your community. if enough people do that, the country will improve." lastly, financial analysts say the ipo calendar will be worth tracking in 2013. with roughly 150 private companies ready to make their initial public offerings, more than in each of the last two years. a possible strike that would hit ports stretching from massachusetts to texas could have a ripple effect on the national and global economy. just days after a west coast port strike was resolved, this new walkout is being threatened by nearly 15,000 longshoremen union members who are upset over wages and royalty payments. the strike would cripple 15 different ports. the union did not answer our
of liters of maple syrup they are missing. europe khas weather is looking unsettled at the moment. we -- europe's weather is looking unsettled at the moment. torrential rain, leaving more than 100 flood warnings in force, and yet more weather systems moving in from the west. flooding issues here leading up to christmas. elsewhere, we are seeing some significant snowfall over the last day or so, causing problems across much of the country. we are expecting improvement here. the snow tending to move away. ukraine seeing heavy snow, desperately cold weather here in. as for the west, we are seeing that rain pushed in across the uk, down into much of france. flooding is likely. it should be fine across much of the iberian peninsula, 15 degrees expected in madrid. further east, this extends through north africa, so for both tripoli and benghazi, it will be cloudy, the chance of some showers. 19 degrees in cairo as a maximum. along the coast, for the west, whitely dryer -- likely dryer. solutions for america, friday, 7:00 p.m. eastern, 4:00 p.m. pacific. >> hello again. top stories on al jaz
have been held back by the negativism by the fiscal issues europe and the u.s. >> susie: you told me there were oil and gas americ mergersu think that tech could be an air yeah wirarea. what kind of gived guidelines can you give to investors so they can take advantage of these trends. >> there is a huge boom inenergd healthcarhealthcare in particule new healthcare system is going to be a lot. you have to look at companies that have had success but need more capital to get to the next level. exploration and production companies and energy that have done well and need capital. you can raise it or you can join forces with somebody else. very often the decision is to merge and not raise capital and take that risk. >> susie: and in tech what should they look for. tech is such a huge area we have a few seconds left what are your thoughts? >> look at the base companiesan. the kind of service that's county of victoria to their -- o their base line services. >> thanks bob, have a greatweek. bob pr profusek. >> susie: the price of gold fell slightly today, as the fiscal cliff drama in washingt
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